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s5-- 001169
<br />fire, lightning, explosion, tornado and windstorm, and such other
<br />risks as Second Party may reasonably request, in an amount equal
<br />to the full insurable value thereof, or equal to the unpaid in-
<br />debtedness secured hereby, whichever is less, and such insurance
<br />shall also be in a sum equal to such percentage of the insurable
<br />value of the property insured as may be required to prevent First
<br />Party from being considered as co- insurer thereof,
<br />to be in companies satisfactory to Second Party, such
<br />all such
<br />such insurance
<br />an
<br />Policies of insurance shall be so written as
<br />occurring thereunder payable, by standard mortgage clause to make any loss
<br />attached thereto, to Second Party as its interest may appear,
<br />irrespective of, and which may not be invalidated by, any act or
<br />default of First Party, and all such policies, or a certificate
<br />or certificates of the insurers or of an insurance agency satis-
<br />factory to Second Party, showing that such policies, with such
<br />mortgage clauses, are in force, shall be deposited with Second
<br />Party as additional security hereunder; and First Party shall
<br />also maintain at the cost and expense of First Party such public
<br />liability and other insurance as Second Party may reasonably re-
<br />quest, insuring First Party and Second Party against liabilities,
<br />claims, damages and losses to persons and property arising by
<br />reason of the use or occupation of the Mortgaged Property;
<br />(b) All insurance monies received on account of any
<br />loss or damage to the Mortgaged Property, after deducting there-
<br />from the reasonable charge or expenses paid or incurred in con-
<br />nection with the collection and disoursement of said monies, may
<br />be used and applied, at the option of Second Party, either for
<br />the purpose of paying the cost of repair, restoration or replace-
<br />ment of the Mortgaged Proprty damaged or destroyed, or applied to
<br />any payment due under the Agreement; provided, however, if First
<br />Party does not, in the judgment of Second Party, reasonably
<br />cooperate as necessary to effect such repair, restoration or re-
<br />placement and no amounts are then due under the Agreement, then
<br />Second Party may, at its option, hold such proceeds as a trust
<br />securing the Secured Obligation as fully as all other Mortgaged
<br />Property hereunder and as proceeds thereof, and second Party may
<br />invest, reinvest and in all respects deal with such funds in its
<br />discretion and shall apply the same to obligations of First Party
<br />as and when due, and refund any balance to First Party upon re-
<br />lease of this ;Mortgage.
<br />(c) First Party grants to Second Party
<br />authority to make proof of full power and
<br />icies, loss under any and all insurance pol-
<br />either in the name of First Party, or in the name of
<br />Second Party, and to adjust, settle, collect for all
<br />and receipt
<br />insurance, and to endorse for and in be}lec an,9 in the name of
<br />First Party any check, draft or other instrucnent received3 there-
<br />for, and to collect the proceeds thereof, and also, if default
<br />shall occur hereunder, to collect and receipt for any unearned
<br />pre,niurns and to apply same to the obl i 7at i it secured }�Unear in
<br />the event of foreclosure sale, any and all insurance policies may
<br />-5-
<br />JR
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